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Currently: Seven tax brackets start at 10 per cent and go up to 39.6 per cent
Under Trump: A zero tax band for the lowest earners, then bands of 12 per cent, 25 per cent and 33 per cent
Currently: 40 per cent tax on all estates over $5.45 million for individuals and $10.9m for couples
Under Trump: Abolished
Currently: Up to 35 per cent of childcare costs of $3,000 for one child or $6,000 for two ore more is tax deductible. Actual amount depends on parents' income
Under Trump: 100 per cent of childcare costs tax deductible
Currently: Statutory rate of 35 per cent, effective rate can be as high as 39 per cent
Under Trump: Effective rate of 15 per cent
But most of his largest applause lines were slaps at Clinton, including some that linked Democratic politicians to Detroit's crumbling, crime-ridden inner city. 'The city of Detroit is the living, breathing example of my opponent's failed economic agenda,' Trump said. 'Every policy that has failed this city, and so many others, is a policy supported by Hillary Clinton.' 'She supports the high taxes and radical regulation that forced jobs out of your community, and the crime policies have made you far, far less safe, and the immigration policies that have strained local budgets, and the trade deals like NAFTA, signed by her husband, that have shipped your jobs to Mexico and other countries.' 'And she supports the education policies that deny your students choice, freedom and opportunity,' he continued, to wild applause. 'She is the candidate of the past. Ours is the campaign of the future.'
A left-wing group called Michigan People's Campaign claimed credit for organizing the protest, and said its members each purchased tickets to the speech – which cost about $100 each according to audience members.
originally posted by: Hazardous1408
So more trickle down voodoo that's failed for 40 years.
originally posted by: matafuchs
a reply to: UKTruth
He did. I mentioned that in the OP. We do not need to boost revenue we need to cut government spending. The opposite has gone on for over 10 years. The more people make the more they consume and the more we grow. People get off welfare and get jobs which reduces the cost of social programs. It is not really that hard.
Making the Internal Revenue Code so simple and easy to understand that the IRS can be abolished.
Removing all marriage penalties from the Tax Code.
Repealing the Affordable Care Act, and the tax increases that it imposed (such as the 3.8% Medicare surtax on net investment income of higher-income individuals).
Considering all options to preserve Social Security without tax increases.
Reducing the corporate tax rate to be level with or below the rates charged by other industrialized nations.
Adopting a balanced budget amendment that would require a super-majority for tax increases.
Opposing any carbon tax.
Taxing some individual income above $250,000 to help fund Social Security.
Establishing a multimillionaire surtax to ensure that millionaires and billionaires pay their “fair share.”
Restoring “fair taxation” of multimillion dollar estates.
Expanding the earned income tax credit program for low-wage workers who are not raising children.
Liberalizing the child tax credit by making more of it refundable (meaning you don’t have to actually have a tax liability to collect it).
Clawing back tax breaks for companies that ship jobs overseas, and cracking down on inversions and other strategies that companies use to “dodge their tax responsibilities.”
Ending tax deferral on foreign business profits.
Supporting a financial transactions tax to curb “excessive speculation” and high frequency trading.
Eliminating special tax breaks and subsidies for fossil fuel companies and extending tax incentives that promote energy efficiency and clean energy.
Repealing the Affordable Care Act’s 40% excise tax on high-cost health insurance (not scheduled to take effect until 2020).
ESTATE TAX Currently: 40 per cent tax on all estates over $5.45 million for individuals and $10.9m for couples Under Trump: Abolished
originally posted by: UKTruth
The years after Reagan's plan was implemented, GDP rose sharply and stayed at an average of over 4% through his term. The immediate boost was clear with a rate of over 7% two years after the tax changes.
originally posted by: BlueAjah
Oh and one part that made me almost stand up and cheer - he wants to end the death tax.
He explained exactly why the death tax is unfair. People pay taxes their whole life, then when they die, the government wants to tax them again. That never seemed fair.
originally posted by: Aazadan
Basically, the estate tax exists so that wealth can't build up from one generation to the next.
It's to eliminate the eventual formation of an aristocracy,
and instead let each member of each generation rise and fall on their own merits.